South Carolina Electric & Gas (SCE&G) and Santee Cooper established an agreement for SCE&G to acquire from Santee Cooper a 5 percent ownership interest in the two new nuclear units which are currently under construction at V.C. Summer Station in Jenkinsville, S.C. Under the terms of the transaction, SCE&G will own 60 percent of the new nuclear units and Santee Cooper, 40 percent. The purchase price is anticipated to be approximately $500 million for the entire 5 percent interest based on current project cost. The agreement also provides that Santee Cooper will not transfer any of its remaining ownership interest in the two new units until both units have been completed. The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals.
